Financials

Audited Statements

Form 990-PF

Our Form 990-PF contains additional financial information about the Hewlett Foundation, including its assets, investments and expenses. Private foundations are required to file this form each year with the Internal Revenue Service.

This form provides a snapshot of the financial health and expenditures of an organization at a specific time. According to Guidestar, which provides data on many nonprofit organizations, “Form 990 data are most useful for examining the evolving health and financial practices of an organization over a period of time.” Guidestar notes that these forms are not useful for comparing across organizations unless those organizations “are of similar size, age, geography and field of activity.”

In assessing whether a foundation or the organizations it supports are effective, however, the Form 990 isn’t the whole story. To that end, the Hewlett Foundation makes independently conducted evaluations of its grantmaking publicly available whenever possible. (See individual program pages for more.)

Form 990-T

Organizations such as foundations use this form to determine the income tax owed on unrelated business income. The IRS defines unrelated business income as “the gross income derived from any trade or business that is regularly carried on, and not substantially related to the organization’s exempt purpose or function.” Under the IRS’s definition, some of the foundation’s investments, including investments in real estate partnerships, are reported as unrelated business income.

Annual reports

Our website serves as a living annual report, providing up-to-date information about our programs and our finances. In the past, the foundation has used printed annual reports and online annual reports to provide similar information. See archive of past reports.

Investment overview

The Hewlett Foundation invests its endowment among a variety of different types of assets, and also follows a social investment policy.

Executive compensation

Larry Kramer, President

In 2016, Larry Kramer earned $803,647 in cash compensation, which included $53,564 of other retirement payment. His benefits, which include the cost of his medical coverage and contributions to a 403(b) retirement account, were $83,359.

Ana Marshall, Vice President and Chief Investment Officer

In 2016, Ana Marshall’s base salary was $705,825, and she earned incentive compensation of $1,917,878 for the performance period of July 1, 2015, to June 30, 2016. In addition, she earned $54,464 of other retirement payment. Her benefits, which include the cost of her medical coverage and contributions to a 403(b) retirement account, were $83,359.

Note: Incentive compensation is a commonly used way to provide a financial incentive based on performance to retain key staff with unique skills or abilities whose contribution is critical to achieving the goals of an organization.